Italy Week hasn't exactly materialized as some might have expected. That mini panic was over by Tuesday morning, and since then things on the boot have been fairly quiet. Europe gets a brief break from crisis, that will almost certainly be back before too long.

In the US, there was (once again) basically no new economic news. The big event was Bernanke speaking at his Humphrey-Hawkins testimony in front of Congress. The big news from that: If the economy does weaken considerably, and deflation re-emerges, the Fed would consider acting.

But then it all faded away. Fed Governor Fisher came out with a speech saying he wouldn't support more action. John Boehner called hitting the August 2 deadline a " crapshoot." Treasuries went nuts, with huge gains by the end of the day.

One interesting bit of corporate news: Late in the day WSJ reported that Amazon would introduce an iPad competitor late in the day. Also amusing: A day after announcing a new plans that everyone seems to hate, Netflix surged to more. Also: News Corp. dropped its bid for BSkyB